MIRA INFORM REPORT

 

 

Report Date :

27.10.2014

 

IDENTIFICATION DETAILS

 

Name :

BAGHER RASTI GENERAL TRADING CO LLC

 

 

Registered Office :

Ghaffari Building, Al Suq Al Kabeer Street, Al Bateen, Al Ras, Deira, P O Box: 401, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.10.1995

 

 

Com. Reg. No.:

45594

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and distribution of general foodstuffs, including rice and general merchandise.

 

 

No. of Employees :

47

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : BAGHER RASTI GENERAL TRADING CO LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 9th October 1995

Commercial Registration Number           : 45594

Trade Licence Number                           : 239271

Chamber Membership Number               : 35576

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                    : 47

Activities                                               : Distributors of general foodstuffs and general merchandise

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sandeep Vishmrami, Accounts Manager

 

COMPANY NAME

 

BAGHER RASTI GENERAL TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Ghaffari Building

Street               : Al Suq Al Kabeer Street

Area                 : Al Bateen, Al Ras, Deira

 

PO Box            : 401

 

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 2350088 / 2263694 / 2350099

Facsimile          : (971-4) 2351250 / 2264437

Email                : bagher@emirates.net.ae

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                                   Description

 

·       Iranian Old Market                                                                                                     Office premises

Dubai

Tel: (971-4) 2263694

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                                Position

 

·       Humaid Baqer Rasti Lari                                            Iranian                                       Director

 

·       Abdul Rasool Darwish Ali Darwishi                            Iranian                                       Director

 

·       Mohamed Ali Mohamed Sadiq Rasti Lari                    Iranian                                       Director

 

·       Adnan Abdul Rahim Mohamed Ketait                         Emirati                                      Director

 

·       Sandeep Vishmrami                                                       -                                          Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th October 1995

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 45594, Dubai

 

Trade Licence No.        : 239271 (Expires 06/10/2015)

 

Membership No.           : 35576

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Humaid Baqer Rasti Lari

 

·       Abdul Rasool Darwish Ali Darwishi

 

·       Mohamed Ali Mohamed Sadiq Rasti Lari

 

·       Adnan Abdul Rahim Mohamed Ketait

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including rice and general merchandise.

 

Import Countries: Europe. India, Pakistan and China

 

International Suppliers:

 

·       Luminar                                            France

·       Punjab Basmati Rice Mill Ltd             India

·       Ittifaq Rice Mill                                 Pakistan

·       Nizar Rice Mill                                   Pakistan

·       Juang Ding Liquang                          China

 

Operating Trend: Steady

 

Subject has a workforce of 47 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Sales                                UAE Dh 59,200,000                   UAE Dh 63,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Sandeep Vishmrami, Accounts Manager

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

·       Bank Melli Iran

Deira Branch

PO Box: 1894

Dubai

Tel: (971-4) 2268207

Fax: (971-4) 2269157 / 2267096

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.24

UK Pound

1

Rs.98.67

Euro

1

Rs.77.97

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.